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<PAGE> PAGE 13
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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<PAGE> PAGE 36
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<PAGE> PAGE 37
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<PAGE> PAGE 38
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<PAGE> PAGE 39
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<PAGE> PAGE 40
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<PAGE> PAGE 41
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<PAGE> PAGE 42
070 J020900 N
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<PAGE> PAGE 43
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024 001000 N
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<PAGE> PAGE 44
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<PAGE> PAGE 45
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<PAGE> PAGE 46
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<PAGE> PAGE 47
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<PAGE> PAGE 48
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<PAGE> PAGE 49
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<PAGE> PAGE 50
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SIGNATURE MARY JANE MALONEY
TITLE MANAGER
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000814232
<NAME> RS INVESTMENT MANAGEMENT CO.
<SERIES>
<NUMBER> 06
<NAME> THE INFORMATION AGE FUND
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000814232
<NAME> RS INVESTMENT MANAGEMENT CO.
<SERIES>
<NUMBER> 07
<NAME> RS GLOBAL NATURAL RESOURCES FUND
<S> <C>
<PERIOD-TYPE> YEAR
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<PERIOD-END> DEC-31-1999
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<EXPENSES-NET> 588990
<NET-INVESTMENT-INCOME> (484270)
<REALIZED-GAINS-CURRENT> (1233632)
<APPREC-INCREASE-CURRENT> 7008685
<NET-CHANGE-FROM-OPS> 5290783
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<NET-CHANGE-IN-ASSETS> (688875)
<ACCUMULATED-NII-PRIOR> (24215)
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<PER-SHARE-NAV-END> 9.13
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000814232
<NAME> RS INVESTMENT MANAGEMENT CO.
<SERIES>
<NUMBER> 08
<NAME> RS DIVERSIFIED GROWTH FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 222122239
<INVESTMENTS-AT-VALUE> 304144033
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<TOTAL-ASSETS> 320125119
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<TOTAL-LIABILITIES> 15379020
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 195792931
<SHARES-COMMON-STOCK> 9238437
<SHARES-COMMON-PRIOR> 4419246
<ACCUMULATED-NII-CURRENT> (1565203)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 28496683
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 82021688
<NET-ASSETS> 304746099
<DIVIDEND-INCOME> 183634
<INTEREST-INCOME> 258213
<OTHER-INCOME> 50000
<EXPENSES-NET> 2022666
<NET-INVESTMENT-INCOME> (1530819)
<REALIZED-GAINS-CURRENT> 55362708
<APPREC-INCREASE-CURRENT> 73090645
<NET-CHANGE-FROM-OPS> 126922534
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 32715298
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<NUMBER-OF-SHARES-SOLD> 11437373
<NUMBER-OF-SHARES-REDEEMED> 7803309
<SHARES-REINVESTED> 1185127
<NET-CHANGE-IN-ASSETS> 234587715
<ACCUMULATED-NII-PRIOR> (34384)
<ACCUMULATED-GAINS-PRIOR> 5849273
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
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<INTEREST-EXPENSE> 813
<GROSS-EXPENSE> 2060080
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<PER-SHARE-NAV-BEGIN> 15.89
<PER-SHARE-NII> (0.16)
<PER-SHARE-GAIN-APPREC> 22.74
<PER-SHARE-DIVIDEND> (0.000)
<PER-SHARE-DISTRIBUTIONS> (5.48)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 32.99
<EXPENSE-RATIO> 1.84
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000814232
<NAME> RS INVESTMENT MANAGEMENT CO.
<SERIES>
<NUMBER> 09
<NAME> RS MICROCAP GROWTH FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 63718213
<INVESTMENTS-AT-VALUE> 103383166
<RECEIVABLES> 685269
<ASSETS-OTHER> 3107
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<TOTAL-ASSETS> 104071542
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 759459
<TOTAL-LIABILITIES> 759459
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 64212343
<SHARES-COMMON-STOCK> 4623967
<SHARES-COMMON-PRIOR> 6682955
<ACCUMULATED-NII-CURRENT> (1445468)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 880255
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 39664953
<NET-ASSETS> 103312083
<DIVIDEND-INCOME> 12556
<INTEREST-INCOME> 198190
<OTHER-INCOME> 0
<EXPENSES-NET> 1624378
<NET-INVESTMENT-INCOME> (1413632)
<REALIZED-GAINS-CURRENT> 12030371
<APPREC-INCREASE-CURRENT> 27657553
<NET-CHANGE-FROM-OPS> 38274292
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6194340
<NUMBER-OF-SHARES-REDEEMED> 8253328
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 8025293
<ACCUMULATED-NII-PRIOR> (31836)
<ACCUMULATED-GAINS-PRIOR> (11150116)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1081774
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<GROSS-EXPENSE> 1661635
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<PER-SHARE-NAV-BEGIN> 14.26
<PER-SHARE-NII> (0.31)
<PER-SHARE-GAIN-APPREC> 8.39
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 22.34
<EXPENSE-RATIO> 1.92
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000814232
<NAME> RS INVESTMENT MANAGEMENT CO.
<SERIES>
<NUMBER> 11
<NAME> RS INTERNET AGE
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 89782600
<INVESTMENTS-AT-VALUE> 100622197
<RECEIVABLES> 3718873
<ASSETS-OTHER> 41144
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 104382214
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 797118
<TOTAL-LIABILITIES> 797118
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 92988656
<SHARES-COMMON-STOCK> 8501538
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> (73935)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (169222)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 10839597
<NET-ASSETS> 103585096
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 22971
<OTHER-INCOME> 0
<EXPENSES-NET> 96906
<NET-INVESTMENT-INCOME> (73935)
<REALIZED-GAINS-CURRENT> (169222)
<APPREC-INCREASE-CURRENT> 10839597
<NET-CHANGE-FROM-OPS> 10596440
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 8967063
<NUMBER-OF-SHARES-REDEEMED> 465525
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 103585096
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 68876
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 100211
<AVERAGE-NET-ASSETS> 69351288
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> (0.01)
<PER-SHARE-GAIN-APPREC> 2.19
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.18
<EXPENSE-RATIO> 1.76
</TABLE>
EXHIBIT INDEX
Exhibit A: Attachment to item 77B:
Accountants report on internal control
- -------------------------------------------------------
Exhibit A:
To the Shareholders and
Board of Trustees of
RSIM Mutual Funds
In planning and performing our audit of the financial statements
of RS Investment Trust (hereinafter referred to as the "Funds")
for the year ended December 31, 1999, we considered its internal
control, including control activities for safeguarding
securities, in order to determine our auditing procedures for the
purpose of expressing our opinion on the financial statements and
to comply with the requirements of Form N-SAR, not to provide
assurance on internal control.
The management of the Funds is responsible for establishing and
maintaining internal control. In fulfilling this responsibility,
estimates and judgments by management are required to assess the
expected benefits and related costs of controls. Generally,
controls that are relevant to an audit pertain to the entity's
objective of preparing financial statements for external purposes
that are fairly presented in conformity with generally accepted
accounting principles. Those controls include the safeguarding
of assets against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or
fraud may occur and not be detected. Also, projection of any
evaluation of internal control to future periods is subject to
the risk that it may become inadequate because of changes in
conditions or that the effectiveness of the design and operation
may deteriorate.
Our consideration of internal control would not necessarily
disclose all matters in internal control that might be material
weaknesses under standards established by the American Institute
of Certified Public Accountants. A material weakness is a
condition in which the design or operation of one or more of the
internal control components does not reduce to a relatively low
level the risk that misstatements caused by error or fraud in
amounts that would be material in relation to the financial
statements being audited may occur and not be detected within a
timely period by employees in the normal course of performing
their assigned functions. However, we noted no matters involving
internal control and its operation, including controls for
safeguarding securities, that we consider to be material
weaknesses as defined above as of December 31, 1999.
This report is intended solely for the information and use of
management and the Board of Trustees and Shareholders of RS
Investment Trust and the Securities and Exchange Commission and
is not intended to be and should not be used by anyone other than
these specified parties.
PricewaterhouseCoopers LLP
San Francisco, California
February 22, 2000
